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Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows Sales Cost of
Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $480,000 401,200 $78,800 $22,000 20,060 $42,060 $36,740 14,700 $22,040 Previous Year $400,000 340,000 $60,000 $20,000 17,000 $37,000 $23,000 9,200 $13,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place Boone Company Comparative Income Statement For the Years Ended December 31 Previous year Amount $400,000 Current year Amount $480,000 Increase (Decrease) Amount Increase (Decrease) Percent Sales
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